New VAT penalty regime delayed until 2023

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The new VAT penalty system referred to in our article here has been delayed until January 2023.

The new system was originally planned for April 2022, and will bring a two-tier penalty system – a late submission penalty, and a late payment penalty. The delay is required to allow HMRC to ensure that the required IT systems are working effectively.

If you have any VAT queries please call Ellis & Co. Accountants in Chester on 01244 343504.